Liberty #1 Discovery Well

During 2010, Richfield drilled the Liberty #1 well on its Nephi Prospect to 4,557’ total depth (TD). Logs analysis, perforating and testing, empirical fluid inclusion stratigraphy analysis and petrographic analysis have confirmed over 1,700 feet of oil-saturated pay in an interconnected fracture system in Jurassic Twin Creek and Navajo reservoir systems. Isotope testing has typed the oil from a very mobile and rich resource. This discovery is being compared to the Central Utah Overthrust Covenant and Providence fields to the south, and the Anschutz Ranch and Pineview fields found in the Utah-Wyoming Overthrust to the northeast. We are currently planning final completion and testing operations which are anticipated to put this well into production during the end of the 1st quarter or the beginning of the 2nd quarter of 2012. Richfield is the operator and owns a controlling interest in this 1,200 acre prospect. There are deeper objectives in this prospect which we plan to drill and evaluate in the future. Engineers estimate that this field may contain in excess of 100 million barrels (MMBO) of high GOR oil/condensate.

Utah Overthrust Project – Freedom Trend

Since 2002, Richfield is the operator and majority working interest owner of approximately 14,000 net acres located on the Sanpete-Sevier Overthrust Tend, located in Central Utah. Our primary land position is located near recent discoveries of significant quantities of oil and gas, including the 2003-04 landmark discovery by Wolverine Gas & Oil of a field reported to contain an estimated 150 million barrels (Bbl) of oil in the 1st Navajo zone, with approximately 19 wells each producing at an estimated rate of 600-800 barrels/day each. In 2008 Wolverine added the Providence Field Discovery with three possible Navajo zones. Richfield’s lands to the north have at least three major Navajo structures in the same zones as Wolverine’s fields, each with comparable oil reserve and production potential. We have three drill-ready Navajo prospects identified by 2D seismic, gravity, and geo-chemical surveys. Engineers estimate that this project has possible reserves in excess of 300 MMBO.

Independence Project

Richfield is the operator and owns significant working interest in a 5,000-acre resource project with oil-saturated shale potential in the Mancos. The project includes a suspended well that tested 720 BOPD. In addition to leasing activities, we are currently evaluating this prospect for possible re-entry and drilling operations in the near future.

Central Kansas Uplift Project

Richfield has an extensive proprietary data base that was created over 6 years with detailed data on over 300,000 wells. The Company has mapped and identified 57 high priority acquisitions. At this time, Richfield currently holds 3,000 high priority acres, covering 8 projects in Central Kansas. Richfield has initialed a plan to aggressively expand its leasehold position over the next 12 months. The Company‚s main target in Kansas is the Arbuckle formation, a system that is associated with a strong water-drive, which has produced over 1.6 billion barrels of oil in the Central Kansas Uplift since the late-1920s. Today, the typical Arbuckle well produces an average of 3.5 barrels of oil per day, yet Richfield‚s ground breaking process of evaluation, analysis and subsequent application of proprietary drilling and completion fluid technologies are already yielding head turning results, 20 to 30+ times this average.

In today‚s unique environment of reexamining today‚s reservoirs with modern technologies, we are seeing old myths dispelled and witnessing the reestablishment of the US as the fastest growing producer in the world. Richfield is doing its part by unlocking the potential of more than the top part of the multi billon barrel Central Kansas Arbuckle system, which has been historically described as a „small skim of oil on a vast ocean of water‰. Until now, US complacency in our industry has lead to great oversights and misunderstandings of many great shifts in fortunes. Richfields contributions in understanding the massive amounts of overlooked „pay‰ in Kansas are expected to be a significant boon to our industry as demonstrated by our first half 2012 results.

Our first drilling operation began in March 2012. A subsequent drilling operation in this same field is now underway. Project updates are provided through Richfield Press Releases.